BCPG announced that the company has executed the Convertible Bond Subscription Agreement with VRB to subscribe to the convertible bond in the principal amount of 24 million US dollars on 2nd July 2021.
In reference to the Board of Directors of BCPG Public Company Limited (BCPG) in the Meeting No.5/2021 held on 18th May 2021 has resolved to approve the company’s investment in VRB Energy Inc. (VRB), which is a Holding Company incorporated in Cayman Islands with subsidiaries in People’s Republic of China operating the business of research, development, manufacture, and marketing of Vanadium Redox Flow energy storage system, by subscribing to the convertible bonds of VRB, in the principal amount of not exceeding 24 million US dollars.
The conversion of such convertible bond into ordinary shares of VRB shall be exercised pursuant to the terms and conditions of such convertible bond. The subscription and payment is subject to both parties having completed the condition precedent under such agreement.
BCPG stated that the company foresees that this expansion into energy storage system business, would also support the company’s current business of operating the renewable energy power plant, as VRB-ESS technology, Vanadium Redox Flow batteries, are suitable for utility-scale usage, which requires large amounts of energy storage.